Home Insurance in Silver Bay, Minnesota
Homes in Silver Bay carry a median value of $158,900 - 34% lower than the Lake County median.
The typical home in Silver Bay was built around 1957. Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. About 66% of homes were built before 1960, about 25 points above Lake County's 41%.
Housing in Silver Bay breaks down to 92% single-family homes and 8% apartments in buildings with 5+ units.
In Silver Bay, about 42% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
About 80% of occupied homes in Silver Bay are owner-occupied. The vacancy rate is 11%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy.
In Silver Bay, 85% of homes are primarily heated with natural gas.
FEMA rates Lake County's overall risk as Very Low, led by strong wind (Relatively High). Lake County had 10 active NFIP flood policies as of September 2026. See the full Lake County home insurance overview for all FEMA hazard ratings and flood coverage details.
In Minnesota, the statewide average premium for a standard HO-3 homeowners policy is $1,988 per year (NAIC, 2023 data).
Key figures
| Median home value | $158,900 |
|---|---|
| Median year built | 1957 |
| Owner-occupied share | 80% |
| Share of owner-occupied homes with a mortgage | 42% |
| Top county hazard | Strong Wind (Relatively High) |
| Active NFIP policies in Lake County | 10 |
| Home insurance premium | $1,988 - statewide average (NAIC, 2023 data) |
Nearby towns
Sources
Data last updated: 2026-09-29
- U.S. Census Bureau Gazetteer Files (2024)
- U.S. Census Bureau, American Community Survey 2020-2024 5-Year Estimates (2024)
- FEMA National Risk Index (December 2025)
- FEMA OpenFEMA NFIP Redacted Policies v3 (2026)
- NAIC Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance: Data for 2023 (published 2026) (2023)